1412 N Magnolia Ave Ocala, FL 34475

Property Details for 1412 N Magnolia Ave

Year built

1941

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.70 lot acres

Property size

11,504 SF

Zone code

B5; R1A

Property type

Commercial real estate

APN

25856-000-00

APU

2585600000

Description

This exceptional 13,732 square foot (13,424 net rentable) commercial property, located at 1412 N Magnolia Ave in Ocala, Florida, presents a unique investment opportunity. Boasting a prime location in the revitalized North Magnolia district, near Downtown Ocala, this two-story building sits on a 0.7-acre corner lot and is zoned B5, allowing for a wide range of uses. Originally built in 1941, the structure was largely rebuilt in 1987 following a fire, featuring solid tilt-wall construction. The property includes a ground-floor restaurant/bakery with air conditioning, kitchen, walk-in coolers, and ample seating, plus a spacious warehouse area. Upstairs, three large offices and a new bathroom provide additional functional space. The 20-foot ceilings and abundant natural light create a versatile environment suitable for various businesses, including restaurants, bars, event spaces, or warehouse operations. Recent improvements include a new roof (August 2021, excluding a small section), updated electrical within the last three years, and a new security system with cameras and monitors. A separate, smaller space with its own entrance and bathroom offers potential for a secondary business. The property currently enjoys 100% occupancy (as of August 7, 2023) and generates a net operating income (NOI) of $84,000 annually, representing a 5.62% cap rate. The asking price is $1,495,900 ($108.94 per square foot). The seller is willing to transfer the established business name, goodwill, and family recipes to the buyer if desired. Adjacent parcels totaling 1.31 acres may also be available.